Claiming Social Security benefits can be one of the more complicated decisions you’ll make as you approach retirement. The age at which you claim, whether you continue working, your marital status, and your income can all affect your benefits and overall retirement income strategy.
To help make this analysis easier, we created a flowchart. This decision flowchart is designed to help you understand some of the key factors that may affect your Social Security benefits, including:
- How to determine your Full Retirement Age (FRA) based on your year of birth.
- How claiming Social Security before, at, or after your FRA can affect the amount of your benefits.
- How delaying benefits beyond your FRA can increase your benefit amount.
- How working while collecting Social Security benefits may affect your benefits before reaching FRA.
- How your marital status — including being married, widowed, or divorced — may affect which Social Security benefits you may be eligible to receive.
- How your income may affect the amount of your Social Security benefits that is subject to federal income tax.
- And more…
The rules surrounding Social Security can be complex, and the decision about when to claim benefits can have a lasting impact on your retirement income.
This flowchart is designed to give you a starting point for understanding the factors that may affect your benefits and identifying the questions you should consider before making a claiming decision.
If you’re approaching Social Security age — or are collecting benefits — and have questions about how your benefits fit into your broader retirement plan, we encourage you to connect with our team. We’re here to help you evaluate your Social Security options and make informed decisions as part of your overall retirement income strategy.
Related Bautis Financial Resources
- How to Navigate Social Security Benefits and Make the Most of Your Payout
- When to Apply for Social Security Benefits
- How Marital Events Can Impact Your Social Security and Medicare Benefits
- Maximizing Social Security Benefits: The Ins and Outs For Divorced-Spouses
- Maximizing Social Security Benefits: A Guide for Widows Between 60 and 70
Bautis Financial LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
What Comes Next After a Layoff?